Artspace, a nonprofit development company, is still hoping to build a rental apartment complex for low-income artists in Kakaako, but have asked for and have been granted additional time to obtain financing and a land lease. The Hawaii Community Development Authority has agreed to give Artspace another 12 months to secure financing for their project.
The proposed project is to build 80 lofts for artists to work and live in on a 30,000 sq ft lot located on Waimanu Street. The proposed nine-story building will be constructed just makai (on the ocean side) of the Pacific Honolulu condominium tower. The rental units would be reserved artists who are making a maximum of 50 to 60 percent of Hawaii's medium income. Artspace estimates that rents would range from $437 a month for a one-bedroom unit to $1,334 a month for a three-bedroom unit. There will also be a space in in the building to display artists work and a large room available to nonprofits and community groups. Artspace has built more than 30 similar projects in 14 different states.
Source: Honolulu Star Advertiser, 2-22-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
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